G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w7743
来源IDWorking Paper 7743
Savings and the Terms of Trade Under Borrowing Constraints
Pierre-Richard Agenor; Joshua Aizenman
发表日期2000-06-01
出版年2000
语种英语
摘要This paper examines the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings. The first part uses a simple three-period model to show that, if households expect to face binding borrowing constraints in bad states of nature, savings rates will respond asymmetrically to favorable movements in the permanent component of the terms of trade in contrast to what conventional consumption-smoothing models would predict. The second part tests for the existence of asymmetric effects of terms-of-trade disturbances using an econometric model that controls for various standard determinants of private savings. The results, based on panel data for non-oil commodity exporters of sub-Saharan Africa for the period 1980-96, indicate that increases in the permanent component of the terms of trade (measured using three alternative filtering techniques) tend indeed be associated with higher rates of private savings.
主题Microeconomics ; Behavioral Economics ; International Economics ; International Macroeconomics
URLhttps://www.nber.org/papers/w7743
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/565315
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Pierre-Richard Agenor,Joshua Aizenman. Savings and the Terms of Trade Under Borrowing Constraints. 2000.
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